Indicator analysis: Daily review of GBP/USD on April 3, 2023

Trend analysis (Fig. 1).

The pound-dollar pair may move downward from the level of 1.2328 (closing of Friday’s daily candle) to 1.2275, the 23.6% pullback level (yellow dotted line). Upon reaching this level, the price may move upward with the target of 1.2422, the upper fractal (yellow dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis – down;
• Fibonacci levels – down;
• Volumes – down;
• Candlestick analysis – down;
• Trend analysis – up;
• Bollinger bands – up;
• Weekly chart – down.

General conclusion:

Today, the price may move downward from the level of 1.2328 (closing of Friday’s daily candle) to 1.2275, the 23.6% pullback level (yellow dotted line). Upon reaching this level, the price may move upward with the target of 1.2422, the upper fractal (yellow dotted line).

Alternatively, the price may move downward from the level of 1.2328 (closing of Friday’s daily candle) to 1.2259, the 13-day EMA (thin yellow line). Upon reaching this level, the price may move upward with the target of 1.2422, the upper fractal (yellow dotted line).

The material has been provided by InstaForex Company – www.instaforex.com